Uluslararası Ticaret ve Finans Bölümü Koleksiyonu

Permanent URI for this collectionhttps://gcris.khas.edu.tr/handle/20.500.12469/67

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Citation Count: 8
An analysis of the unemployment selected MENA countries and Turkey
(2008) Bilgin, Mehmet Hüseyin; Kilicarslan, Ismihan N, I. N.
One of the most important economic and social problems of the Middle East and North Africa (MENA) is the high rate of unemployment. Unemployment in the selected MENA countries like Egypt Israel Jordan and Turkey are examined as well as the relationship between growth and unemployment. For this reason active labor market policies should be designed to address job creation in addition to structural reform in labor markets.
Citation Count: 11
Behavioral Biases Of Finance Professionals: Turkish Evidence
(Elsevier Science Bv, 2016) Kiymaz, Halil; Öztürkkal, Belma; Akkemik, K. Ali
This study extends the existing literature on the determinants of behavioral biases of Turkish finance sector professionals. It examines the impact of various personal and objective attributes of finance sector professionals on their risk choices derived from their portfolio allocation and personal wealth data. Utilizing survey data from 206 professionals we find that these professionals take higher risk in the form of investment in equities when investing in home country firms (geographic bias) and investing in firms headquartered in their home towns (home bias). Those relying on their own predictions when making investment decisions and those with emotional biases invest less in equities. Findings further show that younger professionals professional with less education with lower risk aversion and with single broker accounts are more likely to invest in equities. We also find that those with higher expected returns invest more in equities showing overconfidence. Subsample analysis results for finance professionals suggest that portfolio managers and brokerage company professionals display differing risk taking behavior. (C) 2016 Elsevier B.V. All rights reserved.
Citation Count: 0
Choice of finance in an emerging market: The impact of independent decisions politics and religion
(Springer International Publishing, 2017) Davutyan, Nurhan; Öztürkkal, Belma
This paper is based on a KONDA 1 Research and Consultancy 2 survey conducted in May 2014 on 2607 people forming a representative sample of the Turkish population. It focuses on how people’s religious and political characteristics impact the independence of their decision making regarding saving and borrowing. An earlier study by Davutyan and Ozturkkal (2016) reports saving and borrowing decisions strongly correlate with income, education, marital status and region within country. Furthermore, 54% of those surveyed did not save and the main motivation for those who saved was to finance children’s education or home purchase. Religious people and those with a conservative lifestyle are less likely to borrow from family and friends. Older, married and working individuals are more likely to have difficulty paying back loans. According to the results of this survey, religious individuals are less likely to independently decide on their investment choices. Thus, religious people tend to make investment decisions together with family, elderly and respected relatives.
Citation Count: 7
Does financial flexibility enhance firm value? A comparative study between developed and emerging countries
(VGTU, 2020) Bilyay Erdoğan, Seda
This paper investigates the effect of financial flexibility on firm value, on a comparative basis between developed and emerging countries in Europe. Our dataset covers 4,334 companies from 15 developed and 1,436 companies from 6 emerging countries in Europe for the period between 2000 and 2016. First, depending on companies’ maintenance of leverage that is below-predicted levels for a successive number of years, I identify the financially flexible companies in the sample. Second, I examine whether financial flexibility affects firm value. Our results demonstrate that firms’ financial flexibility positively contributes to firm value in all estimations. Furthermore, this study presents unprecedented evidence that the effect of financial flexibility on firm value is more significant for emerging countries when compared to developed countries in Europe. Moreover, I demonstrate for the first time that firm characteristics, including firm size and age, which proxy for asymmetric information within a company, negatively moderate the relationship between flexibility and firm value. Managers, both in developed and in emerging countries, who aim to surge their firm value up, should give importance to the maintenance of financial flexibility in their capital structure decisions. Last, managers of relatively smaller and younger companies should put more emphasis on becoming financially flexible if they want to improve their firms’ value.
Citation Count: 8
Does mood affect institutional herding?
(Elsevier, 2020) Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Öztürkkal, Belma
Drawing on a unique data set of daily portfolio holdings for Turkish mutual funds we investigate the relationship between mood and institutional herding on the premises of various established mood proxies (weekend effect; holiday effect; Ramadan; sunshine). Results indicate that fund managers in Turkey herd significantly, with their herding growing in magnitude as the number of active funds per stock rises and appearing stronger on the buy-than the sell-side. Although the relationship of mood with institutional herding occasionally assumes the correct sign as per theoretical expectations, institutional herding is found to be insignificantly different across various mood states, thus denoting that mood does not impact the propensity of fund managers to herd. (C) 2020 Elsevier B.V. All rights reserved.
Citation Count: 3
The Government-Sponsored Enterprises
(John Wiley & Sons Ltd, 2011) Acharya, Viral V.; Öncü, T. Sabri; Richardson, Matthew; Van Nieuwerburgh, Stijn; White, Lawrence J.
[Abstract Not Available]
Citation Count: 1
International financial crises and the political economy of financial reforms in Turkey: 1994-2009
(2009) Şakar, Birgül
This study1 holds for the formation of international financial crisis and political factors for economic crisis in Turkey are evaluated in chronological order. The international arena and relevant studies conducted in Turkey work in the literature are assessed. The main purpose of the study is to hold the linkage between the crises and political stability in Turkey in details and to examine the position of Turkey in this regard. The introduction part follows the literature survey on the models explaining causes and results of the crises the second part of the study. In the third part the formations of the world financial crises are studied. The fourth part financial crisis in Turkey in 1994 2000 2001 and 2008 are reviewed and their political reasons are analyzed. In the last part of the study the results and recommendations are held. Political administrations have laid the grounds for an economic crisis in Turkey. In this study the emergence of an economic crisis in Turkey and the developments after the crisis are chronologically examined and an explanation is offered as to the cause and effect relationship between the political administration and economic equilibrium in the country. Economic crises can be characterized as follows: high prices of consumables high interest rates current account deficits budget deficits structural defects in government finance rising inflation and fixed currency applications rising government debt declining savings rates and increased dependency on foreign capital stock. Entering into the conditions of crisis during a time when the exchange value of the country's national currency was rising speculative finance movements and shrinking of foreign currency reserves happened due to expectations for devaluation and because of foreign investors' resistance to financing national debt and a financial risk occurs. During the February 2001 crisis and immediately following devaluation and reduction of value occurred in Turkey's stock market. While changing over to the system of floating exchange rates in the midst of this crisis the effects of the crisis on the real economy are discussed in this study. Administered politics include financial reforms such as the rearrangement of banking systems. These reforms followed with the provision of foreign financial support. There have been winners and losers in the imbalance of income distribution which has recently become more evident in Turkey's fragile economy.
Citation Count: 0
Is U.S. labor market flexibility a prescription to curve Turkey's high unemployment?
(2011) Bilgin, Mehmet Hüseyin
This paper compares the U.S. and Turkish labor markets in terms of flexibility and draws some results for Turkey. In paper the U.S. is considered a flexible model and Turkey a rigid model. Since 2001 unemployment is one of the most serious problems in Turkey. Despite rapid economic growth in 2000s the job creation capacity of the economy has not improved and high unemployment still remains a worrisome problem. The paper also discusses the reasons for different unemployment rates in Europe and in the U.S. It focuses on the pre-recession period however and does not discuss the results of the global recession.
Citation Count: 14
Measuring bank branch performance using Data Envelopment Analysis (DEA): The case of Turkish bank branches
(Academic Journals, 2011) Eken, Mehmet Hasan; Kale, Süleyman
The aim of this study is to develop a performance model for measuring the relative efficiency and potential improvement capabilities of bank branches by identifying their strengths and weaknesses. Another purpose is to investigate the production and profitability aspects of branches. Under both production and profitability approaches efficiency characteristics of branches which are grouped according to different sizes and regions have similar tendencies. In both analyses it is apparent that branch size and scale efficiency are related to each other. As branch size increases scale efficiency increases too and after the most productive scale size however as size increases efficiency decreases. Too small and too large branches need special attention. Putting production and profit efficiency scores on two scales reveals the performing characteristics of branches. Each region needs different handling. Branches with low production-low profit efficiency should be evolved towards high production-high profit efficiency region.
Citation Count: 5
Perceived Financial Needs, Income Sources, and Subjective Financial Well-Being in an Emerging Market
(Springer Publishing Co, 2019) Kiymaza, Halil; Öztürkkal, Belma
This study investigates perceived financial needs and subjective financial well-being using data from a national survey of 2,567 households in Turkey. Financial needs are measured by consumer perceived ability to meet current living expenses in the short-term as well as their assessment for the retirement security in the long-term. We also investigate how income sources are related to subjective financial well-being. Findings show that households' daily concerns including the inability to meet short-term expenses including healthcare, daily living expenses (food and utilities), and the inability to maintain the existing living standard are highly significant factors in explaining their subjective financial well-being. We also find that having enough income during retirement and ability to find a job in the future are positively related to subjective financial well-being. Finally, when households ' incomes are from work, rental properties, family, and pension, they feel more financially secure.
Citation Count: 1
Productivity Analysis of Black Sea Container Ports by Using Integrated Entropy and EATWOS Methods
(Eskısehır Osmangazı Univ, 2019) Görçün, Ömer Faruk
The Black Sea region is an extremely important region for global trade. Approaches such as short sea shipping and marine highways, which are on the agenda of European Union lead to increase the importance of Black Sea container ports by day by. Thus, performance of seaports of the region will be important factors, which can affect to their development and improvement that will be happened. Because effectivity of seaports may be effected by many factors, it is needed to use the MCDM methodologies can provide a systematic and structural solution way for evaluation. In this study, a hybrid model, which integrated the entropy and EATWOS methods is proposed to make productivity analysis of Black sea container ports. It is expected that obtained results from this study may have a usable characteristic by investors and public authorities in addition to actors, that placed in the logistics processes
Citation Count: 8
Regulation of Rating Agencies
(John Wiley & Sons Ltd, 2011) Altman, Edward I.; Öncü, T. Sabri; Richardson, Matthew; Schmeits, Anjolein; White, Lawrence J.
[Abstract Not Available]
Citation Count: 0
The relationship between firm size and export sales: Sector or size what matters?
(Physica-Verlag, 2017) Berk, Niyazi; Öztürkkal, Belma
This paper examines the performance of export focused companies listed on the Borsa Istanbul trading in the emerging market of Turkey. Using the panel data of stock market prices (1995–2011) we study the performance of companies in different sectors and their return performance in the volatile exchange rate environment and devaluation periods of 1996 1997 1998 1999 2001 and 2008. The paper investigates sales market capitalization or asset performances’ statistical significance level with regard to these companies’ export level. We review the performance of these operational measures in an environment of changing foreign exchange rates. Regression analysis is used to measure the effects of currency devaluation on the companies analyzed. Finally the study analyzes the export sales of companies by sector following a period of sharp devaluation. © Springer International Publishing AG 2017.
Citation Count: 1
A survey analysis on the investment attitudes of individual investors
(Bilgesel Yayincilik San & Tic Ltd, 2013) Öztürkkal, Belma
This study aims to analyze determinants of trading behavior of individual investors where a survey of 55 questions on 85 people is used. The survey is composed of four parts: demographic properties perceived emotions investment preferences portfolio diversification. The findings show that investors are subject to home bias and the surveyed investors prefer to invest in local equity market. The findings show that older investors have less investment confidence and more diversification where number of different stocks and HHI (Hezfindahl-Hirshman Index) are used as two diversification measures in the analysis. The OLS regression and logit response results prove that male investors trade more and when the investor's equity portion of the total portfolios increases the number of trades also increases. The self-reported investment confidence level and greed have positive effect on diversification. Hence diversification level increases with the investor's equity portion of their total portfolios. The findings suggest that male investors on the average are more confident than females in their investment decisions and males who are more confident have better portfolio diversification choices.
Citation Count: 0
A tournament analysis of mutual funds in Turkey
(Bilgesel Yayincilik San & Tic Ltd, 2012) Öztürkkal, Belma; Erdem, Orhan
This is an analysis of the mutual funds in Turkey with respect to their risk-altering behavior Using the monthly returns and volatilities of 133 funds from 2002 to 2007 we divide each year in two parts and check whether or not the funds' performance in the first part affects the behavior of mutual fund companies in the second part in terms of risk. We find sufficient evidence that the funds which have lower/higher performance in the first part of the year have higher/lower risk appetite for the second half of the year: The results have stronger significance if the year is divided from June or July. The results from the Turkish mutual funds market are generally in line with previous literature from developed countries.
Citation Count: 0
Yeni Keynesci Yaklaşımda Ücret ve İstihdam
(İstanbul Üniversitesi, 2002) Bilgin, Mehmet Hüseyin
The purpose of this paper is to explore the new Keynesian approach on wages and employment relationship. According to new Keynesian school, market clearing mechanism does not exist due to rigidities and stickiness. This situation leads involuntary unemployment. In new Keynesian theory, there are three theories to explain wage rigidities and involuntary unemployment. This paper analyzes these theories in detail and discusses the new Keynesian assumptions from the perspective of Turkish labor market.

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